An Overview of Personal Loans

With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.

Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.

For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.

Small business women struggle to get loans


Boeing, Delta Square Off On Export-Import Bank

Boeing is not only the Export-Import Banks biggest beneficiary, but also its biggest defender according to Streetwise. Delta Airlines may be its biggest opponent.

With only one month left before the banks charter is due to expire, Tess VandenDolder reports that Boeing is expanding its lobbying efforts in support of re-authorization. In the second quarter of 2014 alone, she writes. Boeing has spent over $4.18 million on lobbying for the bank, and has at least 18 lobbyists working on the issue.

Boeing is consistently the single largest recipient of Ex-Im financing in 2012, for instance, it received 82 percent of Ex-Im authorizations leading some opponents to label Ex-Im Boeings...

FHA Nixes Post-Payment Interest Charges On Mortgages

By Linda Chiem

Law360, New York (August 27, 2014, 7:26 PM ET) -- The Federal Housing Administration on Tuesday issued its final rule eliminating post-payment interest charges on mortgages paid in full, allowing mortgage lenders to charge interest only through the date a mortgage is paid and not beyond that.

The FHA said that borrowers who prepay FHA-insured mortgages will not have to make interest payments beyond the date their mortgage is paid in full. The rule, called Handling Prepayments: Eliminating...

Nearly half of Metro Detroit homeowners underwater on mortgages belong to …

Update: Zillow sent us an email saying that their original report had misstated information on the percent of different generations that are underwater on their mortgages. We have corrected the following report based on updated information. From Zillow:

We said: 42.6% of Generation X homeowners with a mortgage are underwater.
We should have said: 42.6% of underwater homeowners are in Generation X

In fact, only 18.7% of Generation X homeowners with a mortgage are underwater.

We know you depend on us for accurate data and information, and we cant apologize enough for this error. As I mentioned in my voicemail, this is unacceptable to us, and we are taking internal...

July sees another post-crash record for secured lending

According to the Loans Warehouse Secured Loans Index, July saw a post credit-crunch high in secured lending volumes.

The month saw an increase of 22% against the same time 12 months ago and an equally impressive 10.7% month on month growth, with July#39;s figures standing at pound;56,580,496 breaking the March 2014 record.

Year to date lending figures are up 31% on the same stage in 2013, which equates to additional lending of pound;85,160,000 in the first 7 months of 2014.

July#39;s lending sees the incredible record of monthly year on year growth continue for the 32nd consecutive month.

Matt Tristram, Co-Founder amp; Director of Loans...

Babson Capital’s Brigitte Posch travels to Russia with an entourage and comes …

What was the atmosphere like there both on Main Street and in the back offices? What exactly were the kinds of people you spoke to and what was their state of being under the crisis conditions? Did they seem more or less concerned than we are in the West about what happens next? Did they seem more eager or less eager to be debriefed than they have been in the past?

BP: We primarily saw senior executives. In general, the sentiment was mixed.

Can you discuss the main purpose of your recent trip to Russia?

BP: Russia has been dominating global headlines in recent months and not for the reasons youd like to see as an investor or potential investor. The Russia/Ukraine conflict,...

Developer Charles Gahan to plead guilty in $8 million mortgage scheme …

GRAND RAPIDS, MI A real-estate developer linked to an $8 million mortgage scheme, which already has led to prison for the owner of a title agency, has reached a plea agreement with federal prosecutors, records showed.

Charles Patrick Gahan allegedly conspired with Scott Hoeft, owner of Prime Title Service, a real-estate title agency, to defraud banks, private lenders and real-estate title insurance companies using false pretenses, representations and promises, Assistant US Attorney Ronald Stella wrote in court documents.

The government filed felony information alleging Gahan committed wire fraud affecting financial institutions. The filing of felony information, rather than...

New small business lender in town as economy improves

Small business lender VEDC is opening its first office in Bakersfield, the latest sign that access to capital is coming back after slowing to a crawl during the recession.

In Kern County, small business loans backed by the US Small Business Administration plunged nearly 56 percent from $53 million in 2008 to $23.5 million in 2009, but last year they totalled about $44.5 million.

Is This Student Loan Debt Collection Tactic Out of Control?

Flickr / epw.

Much like back taxes and delinquent child support payments, college loan debt cannot be extinguished by bankruptcy. And, much to the dismay of thousands of Americans, long-ago student debt that borrowers thought had either been paid off or forgiven is coming back to haunt them - in the form of income garnishment. 

Wages and Social Security targeted
According to The Wall Street Journal, nearly 175,000 people are experiencing wage garnishment by the federal government for defaulted student loans, a 45% increase from just a decade ago. Possibly, this is due to the tightening of bankruptcy laws that occurred in 2005, making all student loans exempt from bankruptcy...

Letter: Ex-Im’s big money goes to big businesses

Of course, these massive companies are lobbying Washington hard to keep their taxpayer-backed subsidies from the Ex-Im Bank, but they really do not need them. They can secure private financing or use their own financing arms.

In a free-market system, big and small companies alike should be able to compete based on the quality of their products and services.

If private lenders do not want to take the risk of financing some of these deals, why should taxpayers in our state and across the country be forced to take the risk?

Tell your member of Congress it's time...

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